Surplus Construction Company, Inc., entered into a fixed price contract with Fairway Associates on July 1, 2018, to constrict a four-story office building. At that time. Surplus estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4.000.000. Surplus concludes that the contract does quality for revenue recognition over time. The building was completed on December 31, 2020. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fairway under the contract were as follows: At 12-31 2018 At 12 31 2019 A1 12 31 2020 Costs incurred to date $ 350,000 $2,500,000 $4,250,000 Estimated costs to 3,150,000 1.700.000 0- complete Billings to Fairway to date 720,000 2,170.000 3,600,000 Required: Compute gross profit or loss to be recognized in 2018 2019 and 2020 Do not enter S sign or commos in your answer. If the amount is a loss, use a minus sign before the number Compute the amount to be shown in the balance sheet at the end of 2018 as either cost in excess of billings or billings in excess of costs. If billings are in excess of costs, indicate the answer with a minus Do not enter Ssign or commas in your answer. Will this amount be reported as an asset or a liability